Good afternoon, ladies and gentlemen. Welcome to Research Frontiers Investor Conference Call to discuss the Second Quarter of 2022 Results of Operations and Recent Developments. During today's presentation, all parties will be in a listen-only mode. This conference is being recorded today. A replay of this conference will be available starting later today in the Investors section of Research Frontiers' website at www.smartglass.com and will be available for replay for the next 90 days. Please note that some of the comments made today may contain forward-looking information. The words expect, anticipate, plans, forecasts and similar expressions are intended to identify forward-looking statements. Statements that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions that are part of the Securities Litigation Reform Act of 1995. These statements reflect the company's current beliefs and a number of important factors could cause actual results for future periods to differ materially from those expressed. Significant factors that could cause results to differ from those anticipated are described in our filings with the SEC. Research Frontiers undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The company will be answering many of the questions that were emailed to it prior to this conference call, either in their presentation or as part of the Q&A session at the end. In some cases, the company has responded directly to email questions prior to this call or will do so afterward in order to answer more questions of general interest to shareholders on this call. I would now like to turn the conference call over to Joe Harary, President and Chief Executive Officer of Research Frontiers. Please go ahead, sir.

Thank you, Karen. Welcome to our call. It's great to have you, and hello, everyone, and welcome to our second quarter of 2022 investor conference call. Research Frontiers remains in strong financial condition. We continue to have no debt. And as of June 30, 2022, the company had cash and cash equivalents of $1.9 million, working capital of $2.3 million and total shareholders' equity of $2.4 million. The company expects to have sufficient working capital for at least the next 2 years of operations, which would take us into the middle to late 2024. This is based upon our lower quarterly burn rate of $300,000 to $350,000 per quarter with higher projected revenue during that period, mostly from new car models. In our last conference call, we spoke about new car models coming into production in Q3 and Q4 of this year with our SPD-SmartGlass technology in it. This is still on track despite the supply chain and other disruptions around the world. In aircraft last year, there were significant new projects in the aircraft industry, including the ACJ TwoTwenty program by Airbus, Comlux and Vision Systems, has put electronically dimmable windows by Vision Systems in the new Epic aircraft and in the Daher TBM 960 aircraft. A lot of people are worried about the recession and inflation. Some have asked me how these items will affect Research Frontiers' business going forward. Some of you may know that I started my professional career as an economist at the Federal Reserve Bank of New York. That experience taught me to look for broad macroeconomic trends and also to look for and act upon based on leading economic indicators. When I was at the New York Fed, we were experiencing high levels of inflation, like today, that were driven by disruptions in the labor market and international debt crises, high energy prices, and a variety of other factors. So that's helpful. Ronald Reagan had just become President and my ultimate boss was Paul Volcker. But with some payment focus and applying the basic principles of studying economic tools and we were able to fix things. And even though we went through this 4 decades ago, I never lost the lessons I learned from that period. Research Frontiers has been through 8 recessions; probably the most recent one that had many of us worried other than perhaps the current situation was the world economic crisis in 2008. But if you look back on that period, companies that produce high-end products such as Mercedes, Porsche and Audi and BMW have reported, in some cases, even record profits. Nothing is totally immune to reduced economic activity such as a recession, but some of the business that we are in are felt to be recession-proof, and history has supported this. I, of course, do not wish high energy prices on anyone, but we're also seeing in the United States gas prices that only existed in Europe historically. If you look at how Europe reacted to that over the last few decades, they tended to be on the forefront of energy efficiency in cars, homes, and offices. Our SPD technology makes a major contribution in this area. Our SPD-Smart technology can increase the gas mileage of cars, lower CO2 emissions by 4 grams per kilometer and extend the driving range of electric vehicles by 5.5%. The data also shows that we can lower heat inside a vehicle by 18 degrees Fahrenheit. So we expect that even though there is uncertainty and turmoil in other parts of the market, if history and experience is a guide, Research Frontiers and our well-run licensees will actually do quite well. Am I worried about inflation? Personally, yes, but professionally, no. Our license agreements have built-in inflation hedges. In addition to certain CPI adjustment provisions in our license agreements that benefit us, more importantly, remember that we get paid on the percentage of sales by our licensees. Simply put, the higher those sales, the higher our license royalties. And going back to my experience at the Fed, I mentioned that we look at broad macroeconomic trends. And today, we spoke about some of the bigger ones such as recession and inflation. Now let me talk about leading economic indicators, which is the other thing that I used to focus on as an economist to get a clear look at the future. In our last conference call, I reported on multiple car models that were expected to come out in the near term, using our SPD-SmartGlass technology, starting in the second half of 2022. As I mentioned, that's still on track. Also, the information that we have received is now that even more cars than we originally expected will use SPD in the near term. My internal estimate is that these near-term automotive introductions can use more than double the amount of SPD films sold by Hitachi in their best year so far. I may be wrong looking and get at the leading indicators, Gauzy has made substantial additional investments in expanding production capacity. So the area that I may be incorrect about is not whether our business will expand, but by how much. I spoke about a doubling of the levels of SPD film from our best year. Gauzy is almost done with quintupling their production capacity. I think that investment by Gauzy and also the follow-on production capacity increases by other key licensees and the need for a 5x increase in SPD film capacity is the most important leading predictor of economic activity in our industry. And Gauzy has been productive in many other areas on the business side. On the personal side, I want to take this moment to send a special congratulations to Gauzy's CEO, Eyal Peso and his wife on the birth of their new son earlier this week. Yes, nothing made me happier than to see the photo of you holding your new son that you sent me from the hospital that day. And congratulations. So I did that in three languages. With that, I look forward to answering your questions. Let me take a few that were emailed to me, and then we'll open the queue up for additional questions. First, Jared Albert. Can you explain how you are generating the prospective cash burn guidance? What revenue streams are you including and excluding? What is the forecast period? Okay. Well, from an accounting standpoint, we look forward 12 months. That's a typical look-forward period from an accounting standpoint. From having a clear visibility on where our licensees and their customers are, I look forward at least 12 to 18 months. So we're talking about cars that are coming out the second half of this year and next year. Another question from John Nelson. Are carmakers using or planning to use SPD film and heads-up display? Yes. Any provision in the Congressional Inflation Reduction Act that would encourage the use of SPD? Yes, actually, the Dynamic Glass Act provisions are still in there, and that would benefit us because it gives us tax credits for smart glass on cars. Is the transparent OLED market led by LG and Panasonic, growing significantly? It's expected to, and they're making substantial moves in that area. And are there any significant rises in costs to make SPD film? No. There aren't. Jeff Harvey asked, when I talk about as a competitor with a competitive technology, I had the opportunity to actually see their product at CES this year. And they, like all the other smart glass companies, were using a variant of an electrochromic technology, where they have an electrochemical reaction inside the glass. And it has the same limitations that all electrochromic devices have, which is it's slow and non-uniform. Now what they do to try to mask that, and you can't see it unless you go up to the window to look through it, but that's where people can actually see the glass is there. And you see little grid lines. What they do is they put micro wires or microgrids inside the glass to trick it into somewhat of a honeycomb pattern to make it think that it's a bunch of small windows. But it's very visible when you come close to it. So I don't think it's going to really have the aesthetic quality that we have in terms of clarity. Jeff Harvey also mentioned that we haven't seen architectural wins and questioned what's delaying the adoption of SPD in this market. View has secured some large applications, but they are in a difficult financial situation. There are a few points to address from that query. Firstly, in terms of architecture, we've had projects utilizing the new Gauzy film. Our backlog is significant, which is also why they are increasing their production capacity, focusing primarily on the automotive and train markets, particularly automotive. Although the architectural sector presents great potential and may become our largest market in three years, currently, the automotive, train, and aircraft sectors appear to be the most reliable large markets. Regarding View and their financial state, there are several factors at play. I was likely one of the first to notice their warranty issue, which ultimately led to a prolonged period during which they faced accounting fraud and could not file their financial statements. When they eventually got their finances in order, they reported some notable information. In their latest financial filing, which will be updated on August 8, they indicated that their revenues increased from $9.7 million to $17 million. While that sounds like a positive growth, this increase stemmed from acquiring two companies in facilities management and electronics, while their smart glass revenues fell by 37%. This indicates a significant drop in the first quarter of 2022 compared to 2021. They claimed, "Our revenues increased significantly and our cost of revenue grew only a little." However, their cost of revenue did rise by 12%, and we believe this increase is largely related to the smart glass sector. It appears they are heavily subsidizing their customers' purchases, which could be beneficial for gaining market share if managed correctly. However, given the current state of their smart glass sales, our company and our licensees have historically performed better without significant investments. I estimate that unless they raise capital, they will run out of cash by mid-November. Our other public competitor, Crown Electrokinetics, may face similar cash flow issues, despite conducting two offerings, including one with a high dividend rate of 12% and a 25% redemption premium. They could potentially run out of cash unless they secure additional capital, and we may gain more insight from their upcoming financial filings expected around August 25. Let me see what other questions we had. These might have been most of them that were emailed, and I thank everyone that took the opportunity to ask the questions so that we can either incorporate them into our presentation or answer them efficiently. So Karen, if you wouldn't mind opening up the floor to any questions that might exist.

And we will take our first question from Alan Ginsberg.

Just one question. Just to clarify, you said that Gauzy has increased their capacity, but they also make PDLC. So could you talk about that?

Yes, I apologize. That's correct. That's a very good question. They increased their production capacity for SPD fivefold.

And our next question comes from August Berman, an investor.

I have one question. I was out walking my dogs and listening to a Bloomberg podcast about the potential oil or natural gas crisis in Europe this winter. How should we think about that? With Gauzy's SPD factory in place, could there be a need for backup generators in case it gets too cold? I know it's not the warmest location. How do...

I have visited Stuttgart, Germany many times during the winter, and it's important to be cautious. Gauzy is a resourceful company and takes all the standard precautions. It's worth noting that they expanded their new film production facility during COVID when access to Germany was restricted. They managed to navigate those challenges. They haven't indicated any concerns to me about this situation. If necessary, they could relocate operations to Israel; however, the Stuttgart facility offers much higher capacity and is more efficient and optimized for SPD.

Got it. Okay. And then actually, just one other question I had. I was looking at Gauzy's website, and they talked kind of a promotional about us with the new integration between Gauzy and Vision Systems. And they talked about in their fiscal press release, there were 5 manufacturing sites and on Gauzy's information, it says 4 manufacturing sites. Are there 4 or are there 5?

We need to be a bit cautious. They are a company that is expanding in key regions of the world. I'm not sure what I can disclose, but I can say they are experiencing growth, primarily driven by SPD. When I attended their company-wide meeting during the COVID pandemic, which was held in December 2019 into 2020, I noticed that those present in Israel were physically there while others joined via Zoom. They introduced numerous new hires, including many engineers and production personnel for the SPD project. Since then, if you check their website, you will see they are actively hiring more and more people. Hiring is a leading indicator that I pay attention to.

Yes. I've seen that and a couple of other shareholders have seen that, too, with hiring and then enroll for specifically, so that was great to see.

And our next question comes from Leonard, an investor.

In your comments today, you mentioned that the near-term markets would primarily involve automotive, transportation, trains, and planes. There are several companies expected to use SPD in the third and fourth quarters, but the only one I've seen publicly announced is Cadillac towards peak, which is not that many cars. So are there...

That's coming out in 2023. So the ones for this year were other ones.

Okay. And nobody has announced what that is? Can you give us any idea of magnitude of sales?

I believe that these near-term introductions could potentially double our best year in SPD use. It's important to note that sometimes these introductions are for test markets or specific regions globally. Even if they are just in test regions, we are looking at a significant increase compared to our best year. That's about all I can share. In this industry, it’s essential for the automakers to share their insights first, followed by the Tier 1 suppliers, and then Research Frontiers to connect the dots. In the past, we’ve mentioned some of the strategic investors in Gauzy, which could give you a good indication of our direction.

Okay. So the next few quarters, and we should see that appear?

Yes.

And our next question comes from John Nelson, an investor.

Thank you for the questions you sent in before.

I have to ask, how is Daimay progressing with the development of sun visors? Are any of your other licensees working on sun visors as well? It seems like there's a significant market for them.

Yes. Well, that's one of the holy grails. Let me say yes to your questions, and I can't go into more detail about it. But by the way, just to the, it's always been one of my favorite applications. And maybe rest in peace, Bob Saxe, I used to drive back west from Research Frontiers every evening into the bright sun. And every time the sun was at our eyes, Bob would say, 'We got to get those sun visors as soon as we can.' So it's a pet project for him, and I hope I can honor his legacy by getting that out in a big way.

Can you provide a general overview of the planned R&D spending?

Yes, different things. So part of it is going towards new materials that might have different off-state colors. I think that's always been an important focus for the company to give our customers a broader range of colors besides the sapphire blue that we're currently having. And we've made good progress, but I don't want to promise anything until it's commercial on that and other areas as well, including supporting our licensees with their efforts as well. So helping them do it better, faster and improving the technology consistently.

And our next question comes from Art Brady, an investor.

I wanted to know December 5, Russia is supposed to stop gas to the Germany. And a lot of the companies are looking for backup plans. Is that part of the endeavors that you're involved in?

I'm not directly involved in that, but our licensees are pretty good planners for contingencies. Earlier on, August Berman asked a similar question about natural gas shortages expected for Germany, and I don't see that as being a problem.

Also, any comments on Nippon Glass, we were told a couple of years ago that around this time that they would be very active in developing some applications on some of their cars, and we don't hear anything at all from Nippon?

Nippon Glass for cars? You may be referring to NSG for some of the things they're doing with the display market.

No, it was a Japanese glass company, Nippon.

AGC and Pilkington are involved, and I mentioned that AGP is becoming more active. NSG, aside from owning Pilkington, which I might have been referring to, is focusing on the display market. So they are engaged in both areas.

How is that developing? Is it commercializing yet? Or they're going to release some...

has had a very strong push in this area. And all of the market research that I've seen from them and from third parties indicates that it could be a very large market.

When are they going to launch that?

We are talking about later this year or early next year is what the last report I saw, 55-inch TV.

And our next question comes from Bill Berg, an investor.

In the near term, Joe, auto is the area to look to for revenue. But I thought that you said that architectural is to be the biggest market within 3 years?

Yes, I mentioned that earlier. I believe one of the key factors is that we now have a film suitable for architectural applications in both commercial and residential settings. Additionally, there are innovative ways to deliver this product to customers more efficiently, enhancing its usability for various architectural projects, whether in new constructions or otherwise. This could potentially become a major application very soon.

So if that's the case, is Gauzy ramping up for that to happen now?

Of course, Gauzy and automotive are keeping them busy. I don't know if people remember, but during the factory launch for Gauzy in Stuttgart, Germany, I might have mentioned on a call that they designed the space to replicate their existing SPD film, which is their only business at that site. However, now that they understand what they need to build and where to source it, they may decide to construct a second line in South Korea or a location closer to the customer. They have the capacity to do a lot, and it's commendable that they are making the investment, as are our other licensees, when this business supports it. It's great to work with them.

Our next question comes from an unidentified investor.

I was surprised to see $154,000 charge-off in bad debt. Could you put any color on that?

I believe that this will ultimately be collectible. There are some areas where individuals may need assistance to get started, and I remain optimistic about it. It seems to be more of an accounting issue than a problem with operations or collections in my view. However, if someone hasn't made a payment for a while, it requires us to set aside a reserve. If we had not done that, our costs for this quarter would have been lower than in the first half.

I would call you View, that okay?

You mean if I spend that kind of money, I don't spend that kind of money.

No. Would acknowledge this.

$270 million, what I could do with $270 million, which is what they burned last year, would certainly be a lot better than what they did with it.

But I listened to the conference call right before, and they mentioned that in the next two months, they will strengthen their balance sheet. So I wish them luck. Hopefully, that...

Yes. Well, as an institutional investor, you probably know that it's probably not going to be available on such good terms for them. So...

Yes, absolutely. But if I remember right, they went through $80 million in the last quarter?

Yes. I think last year they burned through $270 million in cash.

That would be about right from that. So back to the bad debt, is that a royalty that you're owed? Or is that a upfront license fee that you hope to collect at some point in time?

It's a royalty. It's a royalty that I am owed that, quite frankly, my accountants and I would probably disagree, I believe it's fully collectible. But we have policies in place that say that after a certain period of time, you take an appropriate reserve and that's fine.

In theory, that's like $1.5 million worth of revenues to somebody.

And you want to know something? We've taken reserves in the past, and we've penultimately collected it. And we've ultimately collected it. So maybe it's good that the CEO is also an attorney.

I don’t want to spend too much time on that. However, as the team mentioned, we are on the verge of something significant. I hope they are correct.

I think we're a lot closer to the cusp than people think.

Our next question comes from Francis, an investor.

You had mentioned earlier about different colors of film. Would that affect the overall price?

We don't think so. We don't think so. The most expensive component of this is not so much the materials that are inside the emulsion, although they're specialty materials, so they have to be produced precisely. But believe it or not, the conductive coated plastic that we coat on is a pretty expensive component, and that will be the same, no matter what kind of film you're working with, whether it's PDLC or SPD. So volumes, that can come down significantly, which is why Gauzy has been able to project out fairly substantial price reductions in the price of their film based on volume.

So the price itself was actually due to volume or difficulties laminating the product?

Mostly, it's volume. And just one of the materials is the conductive coated plastic. And for every square meter of film, you need 2 square meters of conductive coated plastic, one on each side of the emulsion, to activate the nanoparticles inside the film.

Okay. Now you also mentioned, Gauzy might build another facility in South Korea, so it could be closer to...

I was speculating that it might be in Asia, but they already have a very good one in Stuttgart. And the reason they put it there is it's 10 minutes away from Porsche, 20 minutes away from Mercedes, an hour and minutes away from BMW and an hour and minutes away from Audi. Yes. You cover the waterfront in terms of high-end automotive by being there. But that's not the only place where high-end cars are produced. So Asia might be another good place to put it.

You have been in the past several months, if not 6 months. None of those car manufacturers were ever mentioned. Audi, Mercedes, BMW, nothing was ever mentioned about any products being used there in those cars. Is that...

Well, that's because they haven't started serial production with the product there. That's not something I can discuss.

Our next question comes from Alan Ginsberg, an investor.

Just one more question. Is there any chance that any of these new automotive companies might have the SPD as original equipment and not as an option?

Yes, there's certainly that. And we often don't know the exact way they're going to deploy this. If I took McLaren, for example, the take rates are so high, it could very well be standard equipment if they want it, but the economics on how you sell cars and how you price it off. And it benefits, having it as an option. So that's their decision. As long as the volumes are there, I'm happy.

Our next question is from an investor.

I just wanted to clarify, if things materialize the way you expect them for the second half of the year, are we at the profitability?

I think it will depend on how many cars are delivered by the end of the year and how many carry over into the next year. We've demonstrated that we can achieve profitability with some support. Last year, we had one profitable quarter, and we have been diligently working to minimize our expenses and burn rate. Our goal is to become profitable and generate positive cash flow.

And our next question comes from John Stroble, an Investor.

I'd like to follow up on the architectural comments. You said that in 3 years, architectural will be the main focus of SPD use. Does that mean SPD will be available for new projects in 3 years? Or are there actually projects on the books now and waiting for the glass?

There are projects in the pipeline. What I mean is that in three years, it could play a significant role in our business. I did not claim that we will deliver in three years. Like any market, it needs to develop. It starts off, people get accustomed to it, and then they broaden its application, and that’s all I'm communicating. I'm not suggesting that we will achieve delivery for architectural in three years by any means. However, in three years, it is likely that the market will be much larger for us. Sixty percent of the world's glass is used architecturally, which is twice the amount used in automotive.

And our next question comes from Leonard Litzau, an investor.

Joe, considering the comments, I was curious if any manufacturers are currently looking into applying the technology used for sunroofs to the back window and side windows as well, as this could further reduce cabin temperature.

The 18 degrees relates to the size of a half square meter sunroof. When you consider the dimensions of the Cadillac, it is significantly larger than that, and other upcoming vehicles are also larger. There are additional features of the car that I will address, at least briefly, during my closing remarks.

And our next question comes from Thomas McCarthy, an investor.

You mentioned that there's a bill in Congress that might likely get passed that would benefit our sales because it would give incentives to people.

Right. Tax credits.

Right. Right. Are you aware of somewhat similar legislation in other countries or countries are coming?

Every major region around the world has what we refer to as tax expenditures. We utilize the tax code to encourage specific social behaviors that we want, such as energy efficiency. This has been a part of our tax code for an extended period. For instance, when filing your personal taxes, there may be credits available for installing solar water heaters or other similar technologies, although these credits are often limited. The Dynamic Glass Act has the potential to significantly reduce costs through tax benefits. However, I won't assume anything is finalized until it is secure, particularly given the current political landscape. We are pleased to see a growing focus on Dynamic Glass. When we established Research Frontiers and even in the years 2000 to 2005, searching for smart glass online yielded very few results. Now, we have become the industry standard. I am happy that we are receiving this level of recognition.

Are you aware of tax incentives for smart glass in other countries?

Yes. But I don't know if those are going to pass, just like I don't know if they're going to pass here.

All right. So they're potential but not current. Okay?

Sometimes, you can approach energy-efficient improvements from different angles, and there can be encouragement from utilities as well. They have demand management programs because the cost of electricity can be quite high. They encourage you to reduce usage during peak times and offer incentives for doing so. There are many options available. Our main focus is on providing the best product possible, while our licensees concentrate on selling it. It's Seth here from Research Frontiers, but this is a clarification. Seth has been a long-time shareholder of Research Frontiers. He doesn't work here. Otherwise, I'd be accused of having a plant on the call, I guess. Anyway. No, that's okay. It’s just, I'm going to get a kick out of seeing it.

You had said something about architectural for new and existing?

Yes.

I believe that was Mr. Berg you were speaking with. How would the requirement for it to be laminated work? Are you developing a peel and stick version?

I don't want to provide specific details, but we're discussing a retrofittable application that simplifies the process. For those familiar with cities like New York, Boston, or Chicago, you understand what I mean. When you replace glass in an apartment or office building, scaffolding is required to prevent glass from falling on pedestrians below. Additionally, if you reside in a co-op, you must obtain approval from the co-op board for any structural changes on the building's exterior when retrofitting. This process is comparable to installing new shades or blinds, which doesn't require co-op board approval. Furthermore, you avoid the costs and disruptions associated with scaffolding. Therefore, this could significantly benefit individuals seeking to install smart windows in their homes or offices, particularly in large urban areas.

So you have to replace the glass. It's not something you could like stick on top of, right?

I don't want to go into the details. There's ways where you don't have to replace the glass.

And at this time, there are no further questions. I would like to turn the call back over to Joe.

Okay. I'm going to make a few closing remarks, and I thank everyone for their questions. If we haven't fully addressed your questions, as always, just feel free to email us, we're here 24/7. So we'll try to answer them. Research Frontiers enters the second half of this year, very well positioned for success. Our customers and our markets tend to be more recession-proof than others. And when you consider the fact that Research Frontiers as an asset-light intellectual property licensing company with very little expenses, inflation is not expected to have much effect on the cost side for us. On the revenue side, because we get paid as a percentage of our licensee sales, with 10% in automotive and 15% in other markets, inflation, well, undesirable in general, could actually have a positive effect on our revenues. We have no debt. So a higher interest rate environment is not going to adversely affect us directly either. And the leading indicators of economic activity are all positive for us. Our licensees have expanded their production capacity, major customers such as Hyundai have invested in them, and our projected product pipeline for the next 6 to 18 months is quite strong. In fact, the number of new car models and new cars that are expected to come out with our SPD-SmartGlass technology over this 6- to 18-month period has never been higher. And we expect it, just in the initial period of these cars introduction, to at least double our best year in terms of SPD film usage. Our licensees that are closer to the frontline have almost completed their steps to actually quintuple production capacity. And going back to the macroeconomic trends, electric vehicle adoption is accelerating at a much higher rate than any of us originally anticipated just 5 years ago. It was reported earlier this week that electric vehicle sales spiked in June and almost every major car company in the world has now announced that they're going all-electric. So now ask yourself. What would these car companies do to get a 5.5% increase in driving range without having to increase the size and weight of their batteries or need major breakthroughs in battery technology? And even if they did put larger batteries or had better battery technology, we still would help them increase the driving range of their vehicles further because of the 18-degree Fahrenheit reduction in cabin temperature through the use of our SPD-SmartGlass in just the sunroof. In some areas, we're also slated for other areas of the car as well. That will be a first. We have other firsts coming as well in the automotive area and the architectural areas. And not all cars will be electric and certainly in the next 15 years. So during that time, we will also be helping internal combustion engine vehicles reduce CO2 emissions by as much as 4 grams per kilometer. Glass is a highly desirable building material, making homes and offices more functional and livable. With our technology, we also bring beneficial daylighting in when people want it, keep unwanted UV, heat, light, and glare out and save energy in the process. In vehicles such as aircraft, trains, and of course, cars, we get passengers a better connection with their outside world and block harmful UV heat and light and glare while enhancing security and privacy and road stability. And with no moving parts other than our highly efficient nanoparticles, we offer greater reliability than traditional shades or blinds recurrence and are much easier to clean and sanitize, thereby reducing germs and allergens. By eliminating weight in the roofs of cars, and Daimay estimates this to be about 13 pounds of weight savings and also that our SPD-SmartGlass allows them to remove 56 components from the car, and increasing the headroom without raising the center of gravity, we make vehicles more stable, whether they're cars, trucks, boats, or trains. So smart glass certainly has an important and meaningful place in the future as well as the present. While my wife and children saw the hard work it took us to get the smart glass industry established, our 13, I'm happy to say, growing number of grandchildren, and now Peso has a new son, and many of your own children and grandchildren never lived in a world without our SPD-SmartGlass. All of us should be proud of the work that we have done together to accomplish this and bring this strategically important and high-performing technology to the world. I thank our loyal shareholders for being an essential part of that and look forward to sharing updates with you throughout the year. Thank you.

This concludes today's conference call. Thank you for attending.